Read any recent article about employee engagement and retention, and you can pretty much guarantee that wellbeing will be featured prominently. But wellbeing is much more than a buzzword – it’s an integral part of the employee experience. And according to the 2024 Workplace Trends report conducted by the Arbinger Institute, only 29% of those surveyed report being satisfied with their employer’s commitment to addressing their wellbeing.

What is employee wellbeing?

Employee wellbeing encompasses mental, physical, emotional, and economic health and is influenced by a number of factors, including:

• The work environment
• Work-life balance
• Mental health
• Physical health
• Career development
• Psychological safety
• Relationships with colleagues and management
• Financial stability

When employees feel supported and valued at work, they are much more likely to be engaged, motivated and committed to their work. But this doesn’t happen by chance. A well-designed wellbeing strategy that incorporates a range of initiatives is crucial to cementing employee wellbeing as the cornerstone of a positive organisational culture.

Investing in your employee’s wellbeing

Your people are the most important asset in your business, so investing in their wellbeing is a no-brainer. The benefits will show in your bottom line, through higher productivity and profitability, and lower turnover and absenteeism.

However, there is no one-size-fits-all approach to creating a wellbeing strategy. It’s important to consider the individual characteristics of your workplace, and the unique challenges your employees face during their week. For example, if many of your employees work remotely – even for part of the week – this can blur the line between work and home life, requiring more emphasis on work-life balance in your wellbeing strategy.

Potential wellbeing initiatives could include:

• Physical health wellness programs, such as group fitness programs, or subsidised gym memberships.
• Flexible work arrangements that offer truly flexible working options that integrate your employees’ work and their lives, such as early starts or finishes, compressed hours, or school holidays off.
• Professional development opportunities that are much more than sending employees on one external course once a year, such as cross-skilling, mentorship programs or leadership incubators.
• Employee recognition programs that incorporate a range of both formal and informal ways to recognise and show genuine appreciation of employees.
• Community volunteering opportunities, whether individual, team-based or company-wide, encouraging your employees to volunteer in the community can help foster a sense of purpose and fulfillment.

Do you have a wellbeing strategy?

Forbes has boldly stated that the future of work is employee wellbeing, however, research shows that less than half of all companies offered wellbeing programs, and only 26% had a wellbeing strategy with goals and objectives for each program.

While creating a wellbeing strategy may be seen as down the priority list for many companies, the return on investment cannot be overstated. From employee engagement and company loyalty to higher productivity and increased innovation, nurturing employee wellbeing is a strategic decision that will drive business success in the long run.

If you need some help with developing and implementing a wellbeing strategy, the Common Goal Consulting team can help. You can email Director Nikki Jenkinson at projects@commongoalconsulting.com.au or call 0472 545 584.